Wall Street Modus Operandi?

If you have difficulty understanding the current world financial situation, the following should help ...

Once upon a time in a village in India, a man announced to the villagers that he would buy monkeys for $10.

The villagers seeing there were many monkeys around, went out to the forest and started catching them.

The man bought thousands at $10, but, as the supply started to diminish, the villagers stopped their efforts. The man further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer rate increased to $25 and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now act as buyer, on his behalf.

In the absence of the man, the assistant told the villagers: 'Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when he returns from the city, you can sell them back to him for $50.'

The villagers squeezed together their savings and bought all the monkeys.

Then they never saw the man or his assistant again, only monkeys everywhere! Welcome to Wall Street.
Tags: Wall Street, Humour, Funny, Monkey, Villagers

Is Your Earning Above The Poverty Line?

The government has regarded that a person could be living in poverty if his/her monthly earning is less than RM720.

And the sad part is, even acknowledged by the Ministry of Human Resources, about 34% of Malaysian employees are earning below the poverty figure of RM720. This group of people are estimated to be earning less than RM700 per month.

Can I say that, unfortunately, the government has greater plans for a 100 storey building and massive annual budget of around RM4 billion to beef up our defence (who are we going against?) instead.

What we are seeing here is that our nation has at least 34% of its population living in poverty. That's a big number. Officially, our population is 28.25 million and this works out to about 9.6 million Malaysians are in poverty. So, every three Malaysians you see on the street, one of them is living under poverty.

If Malaysia's labour force is estimated to be 11.561 million as at Sept 2010, it means to say that only 1.956 million of the labour force are paid above RM700 per month. Of this 1.956 million labour force, how many of them are earning less than RM3,000 per month, where it is also considered as low income.

That's a huge population for the government to push us up to become a high income nation. I know we can but when?

With huge leaks happening in all ministries, government departments and agencies and even at private entities level, all I can say is that a lot of prayers are required for this nation's leaders to buck up and many to be shipped out.

With this going on, the Talent Corporation that has been set up to retain Malaysian talents (in order for them not to think about emigrating overseas) and to encourage the return of many Malaysians who have been working overseas to our nation, all efforts will go down the drain for sure. I wonder how much has been paid to "consultants" who have been advising the relevant government departments on those marvellous ideas.

Just on Wednesday morning, a chief invigilator for the SPM examination in announced loudly telling the chinese and indians students to go back to their motherland of China and India when she can't control them. You call that a smart idea to keep the school going kids quiet? Why are we seeing such people coming from the teaching profession? That's because the government is not firm and not doing anything about it as it's being repeated again and again by many government servants.

That's the by-product of the current government's attitude towards the public. On one hand you have plans for retaining and wooing Malaysians plus the grand Economic Transformation Programme to be achieved by year 2020 but sadly on the other hand, nothing is done to ensure all government staff or even the public are buying the idea. Not to say it can't be done but so many things have to be undone first before the intended can be done.

Are we really for it (as in high income nation) or just no action talk only (NATO)?
Tags: Poverty Line, Labour Force, Talent Corporation, Low Income, High Income Nation, Economic Transformation Programme

Scandals Involving World Cups 2018 & 2022

In my blogpost of 18 May 2010 entitled "Is World Cup 2010 Fixed?", I have read elsewhere and put it that the World Cup 2010 could be fixed and that Spain will advance all the way to the finals. Exactly what was being predicted and Spain won eventually!

Recently, the Sunday Times reporters went undercover and approached a number of FIFA committee members to gain advantage for a certain country (the reporters assumed the representation for USA) in the upcoming voting day on 2 December 2010 for the right to host the World Cup 2018 and World Cup 2022.

Unfortunately, the undercover reporters secretly recorded two of the conversations and I think FIFA's top officials are in a daze in handling this awkward situation.

Al Jazeera news clip for your viewing on the reported scam -


Two of those recorded conversations involved Amos Adamu of Nigeria and Reynald Temarii of Tahiti. It has been shown that both of them are willing to 'sell' their votes in return for some financial rewards.

Amos personally requested for £500,000 and Reynald requested for £1.5 million but to benefit a sports academy. Both have been suspended by FIFA for 3 years and 1 year respectivelt coupled with a fine of 10,000 Swiss Francs and 5,000 Swiss Francs accordingly. Suspension only? I would have kicked them out indefinitely as there was hard rock evidence.

The best part is Temarii has told the undercover reporters that two other bidding countries have approached him too withto figures of between £10 million to £12 million. Now, who could be the other two countries??????

In other words, there are lots of lobbyists out there hunting down those FIFA executive committee members (22 of them to be precise but minus 2 now) who have the voting rights right now up to 2 December 2010. The right to host the World Cup will involve billions of dollars and the spin-offs it could create in a particular country's economy during the World Cup month. What is £10 million compared to the billions to come?

I thought all this vote buying scandals happen during political elections but it's really a disease that even football is not spared.

FIFA has suspended four more officials after their names have been named in Sunday Times' investigation of the scandal. They are as follows:-
1. Slim Aloulou - FIFA dispute resolution chamber (suspended 2 yrs; fined £6,300)
2. Ahongalu Fusimalohi - General Secretary of Tonga Football Association (suspended3 yrs; fined £6,300)
3. Amadou Diakite - FIFA referees committee (suspended 3 yrs; fined £6,300)
4. Ismail Bhamjee - Honorary member of Confederation of African Football (suspended 4yrs; fined £6,300)

Another two persons named are former FIFA executives, namely Michel Zen-Ruffinen (former FIFA General Secretary) and Michel Bacchini (former FIFA tournament director) where punishments would be meted out in due course. These two fellas' crime were that they were able to tell the undercover reporters who amongst the 22 FIFA executive committee members that could be approached.
All these fellas are holding influential positions and they could have manipulated previous World Cups without us knowing.
Now, you tell me who's gonna win the bid to host the two World Cups? Russia has been rumoured to host the World Cup 2018 since May 2010, before the start of the World Cup 2010.

Who are the bidders for the World Cup 2018?
1. Belgium & Netherlands
2. England
3. Russia
4. Portugal & Spain

Who are the bidders for the World Cup 2022?
1. Australia
2. Japan
3. Qatar
4. South Korea
5. United States

You just never know that they may as well decide who will win the World Cup 2014 to be held in Brazil. Your guess is as good as mine.

Related post - Is World Cup 2010 Fixed?
Tags: Football, Soccer, World Cup 2018, World Cup 2022, FIFA, Sunday Times, Amos Adamu, Reynald Temarii, Voting Scandal, Bribery, World Cup Votes, FIFA Suspension

Time To Buy A House Without Downpayment?

In the recent 2011 budget as tabled by the prime minister, the public (applicable to first time house buyers only) will be able to purchase houses valued at RM220,000 and below without putting up downpayment for it and will be able to obtain a 100% housing loan for the full purchase price.

Another condition to be met is that the household income must be less than RM3,000 or less. I presume that whoever is (be it individual or joint applicants) applying for the housing loan must not be commanding a total gross income of more than RM3,000 per month.

Let's do some calculations here with the above assumptions.

The current base lending rate is 6.3% ("BLR"). Some banks are currently fighting each other for customers by offering good housing loan packages where some offered BLR minus 2.2% (or even more) with zero entry cost (with no other cost involved). Say:-

*Housing loan of RM100,000 at BLR minus 2.2% for 20 yrs; monthly payment of RM612
*Housing loan of RM160,000 at BLR minus 2.2% for 20 yrs; monthly payment of RM979
*Housing loan of RM220,000 at BLR minus 2.2% for 20 yrs; monthly payment of RM1,346

There could be a few obstacles along the way.

You must bear in mind that a bank may only grant you the housing loan provided that your total loan with any other banks do not exceed 30% - 40% of your monthly gross income. So, at an income level of RM3,000 you may not even qualify for a house that cost RM220,000 as the monthly payment would have exceeded the 40% threshold level unless the bank sees you fit to take up the housing loan. You may have to extend the loan tenure instead. Yeah, be a slave to the bank for a longer period.

Not forgetting that a salary of RM3,000 may have a nett take home pay of RM2,500 only after deducting your EPF, SOCSO and taxes. I have blogged about "Salary of RM3,000 Is Considered Low Income" and to survive on RM3,000 is not easy unless you sacrifice lots of stuff.

What do you have to sacrifice or what are the stuff that you may not be able to enjoy if you take up either one of the abovesaid housing loan calculation? You may just have to read this blogpost of mine that is quite factual in a comical sense- "How to Survive With Your Salary?"

Now, if you are having a nett take home pay of RM2,500 and your housing loan monthly payment is RM1,346, it means to say that you have a balance of RM1,154 to pay for the remaining expenses of yours. What about savings for your any emergency cases?

Therefore, the idea as proposed in the budget is not beneficial to the public at all. At the surface, it sounded so nice "No downpayment for houses costing RM220,000 and below". After computing the actual figures, those fellas who take up such loans will just have to scrape through in their life. Of course, the above are based on assumptions and you may suffer in the initial first few years upon obtaining that housing loan. The question is "Can you manage?".

The government is just proposing something which you may have to weigh it for yourself in the end. If you were not careful in your financial planning, this budget proposal is actually going to cause bankruptcy or financial burden to many people.
Tags: Bankruptcy, Financial Burden, Housing Loan, Base Lending Rate

Contract Law In Malaysia

Legal issue on Contract Law in Malaysia - good for us to know.

This is something I like to share with you from one of the seminars conducted recently. Please do circulate this blogpost if you find this informative. It was conducted by A/P Catherine Tay on Legal Issues in E-commerce.

Notice that most of the time, the receipt / invoice you received from the merchant carries this exclusion clause or similarly worded statement: "Goods sold are not returnable" or "No refund once sold".

The thing that I have learnt from her is that as long as your good is purchased for HOME USE and not for business (i.e. to be resold), the above exclusion clause is VOID.

That means, as long as the good is defective, regardless of what is worded, you CAN get back all your money spent. You do not have to accept a repair on the good or an exchange. You CAN ask for a refund. AND you are LEGALLY right and entitled to! What a relevation!!

And most of the time the merchant will refuse to return you your money.

Her advice? From her own experience (and no less than 7 and all successful), she will threaten the merchant with four words: "SEE YOU IN COURT!"

The court here refers to the Small Claims Tribunal Court.

However, you don't have to tell them what court! All you have to pay is RM10.00 admin fee and the loser (the merchant) will have to refund you the money PLUS the admin fee!

She shared this with us because she felt that even educated people are cowed by such unfair wordings (which includes her jaded friends who are not lawyers).

Please try not to let the merchant fleece you the next time you have a defective good.

I know where to file this. On the 16th floor of Putra Place (the mall opposite Putra World Trade Centre). The form cost RM5.00. The Tribunal will settle within 2 months period.

Tribunal Tuntutan Pengguna Malaysia ("TTPM")
Tingkat 16, Putra Place
100, Jalan Putra
50622 Kuala Lumpur
Tel: 03-40492300 / 40424181
Fax: 03-40424259
Tags: Contract Law, Tribunal Tuntutan Pengguna Malaysia, TTPM, Small Claims Tribunal Court, Putra Place

Is Language Important?

Going about in my daily work and we saw this signboard.
The signboard has already mentioned that it's the wrong (salah) langues school for you to attend. Don't say that you have not been warned. Salah means wrong in the malay language, Malaysia's national language.

Anyway, they should have standardised the proper language. Langues is a french word for languages but then they should have used école (in langue française) instead of the word school. Well, this is a language school, not a grammar school.

To improve on your grammar, you would have to attend another school as highlighted in my previous blogpost.
Tags: Language School, Grammar School, French Language, Langue Française

Malaysian Talent in Food

My mom has been a good cook for the family when we were still young. She's retired now and we don't cook dinner during the weekdays lately as we order home cooked dishes from another family. Saves time.

My mom do agree that somehow men are seen to be the best cook around as you seldom see top chefs in hotels helmed by ladies. Moreover, TV shows seldom show a lady being a top chef either. Maybe we haven't caught the right show that shows a lady top chef yet.

However, there are two Malaysian guys who have made it into the top listing of well known restaurants now. Their restaurants have been listed in the Michelin Guide which is based in France. It's really a coveted honour for a restaurant to be listed in the Michelin Guide which is the Who's Who in the food / cuisine industry.

The first Malaysian-owned restaurant to have gained that honour is Kai Mayfair restaurant, operated by Bernard Yeoh with its head chef being Alex Chow, in London. His restaurant earned the highly rated Michelin star (only a maximum of three stars are awarded to each restaurant) back in 2009. His restaurant has been recognised again in the Michelin Guide Great Britain 2010.

Kai Mayfair is basically a chinese restaurant and Bernard Yeoh's wish is to offer something different in the Cantonese dishes which will also enable the public to have a better culinary understanding of a variety of chinese dishes.

Besides the Michelin Guide star rating, Kai Mayfair was voted the Best Chinese Restaurant in London by Harden’s Restaurant Guide (Britain) in 2009. From 2002 to 2005, Kai Mayfair was recognised as the Best Chinese Restaurant in Britain in a survey organised by Zagat Survey.

The second Malaysian-owned restaurant to have earned this prestigious rating is based in New York itself. The owner, Michael Bong and wife Kathy, operates the Laut restaurant since 2008. The restaurant has been listed in the Michelin Guide New York City 2011. Both of these owners are chefs themselves.

The restaurant serves Malaysia's staple food, favourite dishes from Malacca and Thai dishes as well. You can even order online which you can either pick it up later or have it delivered to your doorstep. Their main aim is to expose the Americans to the nation of Malaysia and its unique cuisine.

The owners own a Japanese restaurant by the name of Mizu Sushi which is also located in New York. In recognition of Michael Bong's efforts, he was awarded the Master Chef award by the Governor of Malacca last year.

It's not easy to obtain the Michelin Guide's recognition as the Food Inspector will come in unnoticed or as a spy. Not only that, you have to monitor your food quality, ambience, service, etec in order to maintain the star rating for the following year. Just when I thought food industry was easy.

If you so happend to be in London or New York, don't miss the chance of meeting up with these Malaysians owners in the two said restaurants.

Reading: AsiaOne and Star articles on the above restaurants
Tags: Bernard Yeoh, Alex Chow, Kai Mayfair, London, Michael Bong, Kathy Bong, Laut, Mizu Sushi, New York, Michelin Guide, Chef, Cook, Malaysian Cuisine, Malaysian Dishes, Malaysian Restaurant, Chinese Restaurant